Company Accounts

20 Questions  I  By Sweetsalman123

  
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1.  Share capital 50,000 shares of Rs.15 each Rs.10 called up - Rs.5,00,000 Calls in arrears - Rs.20,000 Calls in advance - Rs.30,000 Board of directors decide to provide 15% for dividend on share capital. Amount of proposed dividend will be  
A.
B.
C.
D.
2.  Hardcore Computers Ltd. issued to public 15,000 shares of 10 each at apremium of Rs.2. Applications were received for 10,000 shares. The amount  payable was as follows: On application 3 per share On allotment 4 per share (including premium) On first and final call 5 per share All sums were duly received by the company except the following:Mr. Perfect holder of 100 shares did not pay allotment and call money. Mr.a Right holderof 200 shares did not pay call money. The company forfeited all the shares of Mr.Perfect. Share Capital a/c will be debited by   
A.
B.
C.
D.
3.  X Ltd. invited applications for 1,00,000 shares of Rs. 10 each at a discount of 6% discount per share will be  
A.
B.
C.
D.
4.  Taksh Ltd.purchased land and building from Daksh Ltd.for a book value of Rs.5,00,000.The consideration was paid by issue of 10 % Debentures of Rs.100 each at a discount of 20 % .The debentures account will be credited with
A.
B.
C.
D.
5.  A limited company forfeited 100 equity shares of the face value of Rs. 10 each, for non payment of first call of Rs. 2 per share. The forfeited shares were subsequently reissued as fully paid @ 7 each. Amount transferred to capital reserve will be  
A.
B.
C.
D.
6.  X Ltd. Issued 5000 10% debentures of Rs.125 each at a discount of 5% payable at a premium of 5% at the end of 5 years. The loss on issue of debentures will be  
A.
B.
C.
D.
7.  Share capital 5,00,000 shares of 10 each Rs. 5 called up Rs. 25,00,000 Calls in arrear Rs. 10,000 Calls in advance Rs. 15,000 Directors decide to provide 10% for dividend on share capital. Amount of proposed dividend will be____________.  
A.
B.
C.
D.
8.  E Ltd. had allotted 10,000 shares to the applicants of 14,000 shares on pro 24 rata basis. The amount payable on application is Rs.2. F applied for 420 shares. The number of shares allotted and the amount carried forward for adjustment against allotment money due from F will be  
A.
B.
C.
D.
9.  T Ltd. purchased land and building from U Ltd. for a book value of Rs.2,00,000. The consideration was paid by issue of 12% Debentures of Rs.100 each at a discount of 20%. The debentures account will be credited with  
A.
B.
C.
D.
10.  Rishi is a partner in a firm. He withdrew the following amounts during the year ended on st December 2006. February 1                   Rs. 12,000 April 30                        Rs. 6,000 June 30                        Rs. 9,000 August 31                     Rs. 12,000 October 1                     Rs.8,000 December 31                 Rs. 7,000 Interest on drawings @ 9% p.a. will be  
A.
B.
C.
D.
11.  The Promising Co. Ltd. took over assets of Rs. 3,50,000 and liabilities of Rs.30,000 of X Ltd. for a purchase consideration of Rs. 3,30,000. The Promising Co. Ltd. paid the purchase consideration by issuing 12% debentures of Rs. 100 each at 10% premium. No. of Debentures issued will be  
A.
B.
C.
D.
12.  Premium on issue of shares is recorded in___________.  
A.
B.
C.
D.
13.  Preference shares amounting to Rs.75,000 are redeemed at a premium of 5% by issue of equity shares amounting to Rs.40,000 at a premium of 10%. The amount to be transferred to capital redemption reserve account will be  
A.
B.
C.
D.
14.  Pankaj Ltd. Issued 500 equity shares of Rs.100 each as fully paid up in consideration of purchase of plant and machinery Rs.40000. What will be  the amount of discount an issue of shares.  
A.
B.
C.
D.
15.  10,000 equity shares of Rs. 10 each were issued to public at a premium of Rs.2 per share. Applications were received for 12,000 shares. Amount of securities premium account will be  
A.
B.
C.
D.
16.  Omega Ltd. Issued 5000 shares of Rs.20 each. The called up value per share was Rs.16. The company forfeited 400 shares of Mr. Ajay for non­payment of 1st Call money of Rs.4 per share. He paid Rs.12 for application and allotment money. On forfeiture, the share capital A/c will be        
A.
B.
C.
D.
17.  Forfeited shares can be re-issued at discount
A.
B.
C.
D.
18.  A Limited Company purchased machine worth Rs. 1,15,000 from Indian Traders. Payment was made as to Rs. 10,000 by cross cheque and the remaining amount by issue of Equity Shares of the face value of Rs. 10 each fully paid at an issue price of Rs.10.50 each. Amount of share premium will be
A.
B.
C.
D.
19.  A Co. issued Rs. 1,00,000 12% Debentures at 5% discount redeemabie at 5% premium after 10 years. Loss on issue of debentures will be  
A.
B.
C.
D.
20.  Rich Ltd. had 3,000,12% Redeemable preference shares of Rs. 100 each, fully paid-up. The company issued 25,000 equity shares of Rs.10 each at par and 1,000 14% debentures of Rs. 100 each. All amounts were received in full. The payment was made in full. The amount to be transferred to Capital Redemption Reserve Account is  
A.
B.
C.
D.
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